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Here’s what you need to know today

• The clock is ticking as the world scrambles to make trade deals with the US before the 9 April deadline for Trump’s Liberation Day tariffs. Reports out of the US is that America’s negotiators are seeking scaled down deals to ensure they have announcements before the deadline. (Financial Times)
  
  

• As Europe nears peak-summer it is suffering a deadly heatwave. 21 Italian cities have issued extreme heat warnings and 2 people have died in Spain as temperatures reached 46C. Parts of the UK experienced one of their hottest ever June days on Monday. Temperatures are expected to rise further in France, Germany, Italy and the UK in the coming days. (The Guardian | BBC)
  
  

• Australia’s Foreign Minister Penny Wong visited the US to meet her counterparts of the Quad - made up of the US, India, Japan and Australia. Security relations between the US and Australia are at an interesting point, with Australia holding its breath awaiting the Pentagon’s review of the AUKUS nuclear-powered submarine deal. (The Guardian)
  
  

• The US Senate debated Trump’s ‘One Big Beautiful Bill’. The debate was expected to last long into the night as the Senate debates the nearly 1,000 page bill that, if passed, would increase the US Government deficit by $3.3 trillion over the next 10 years. (BBC)
  
  

• Elon Musk is not happy about this Big Beautiful Bill. He has called it a “massive strategic error” in terms of renewable energy and has threatened to start his own political party if it passes. (Quartz)
  
  

• Ford’s CEO Jim Farley has acknowledged just how dominant China’s electric vehicles are over their US rivals, calling it “the most humbling thing I have ever seen”. He said China’s EVs are “far superior” to those made elsewhere. (Quartz)
  
  

• Australian iron ore giant Fortescue has announced a $152 million loss at its British battery maker. Williams Advanced Engineering was acquired by the company 3 years ago and has almost spent $1 billion since, as it invests heavily in research to build advanced batteries and emissions-free mining equipment such as a 240-tonne battery-electric haul truck. (AFR)
  
  

• President Trump published a handwritten note he sent to the Chair of the Federal Reserve, Jerome Powell, demanding ultra-low interest rates. The note was written on a list of countries ranked from lowest interest rates to highest and demanded that the US cut rates. (CNN)
  
  

• Mark Zuckerberg announced Meta would create a new ‘Superintelligence’ division focused on advanced uses of AI. The division will be led by Alexandr Wang, the cofounder of Scale AI, a company Meta recently invested $14 billion into. (CNBC)
  
  

• Australian waste company Cleanaway has completed a $110 million acquisition of Citywide Service Solutions, a waste business owned by the City of Melbourne council. (Capital Brief)

What the…?

From Bluey to Neighbours, international audiences often love Australian television. Add another show to the list - Bondi Rescue is blowing up with global audiences on YouTube.

Over the past 5 years, it has achieved 1.2 billion video views and 2.8 million subscribers on YouTube. It has 1.7 million followers on TikTok and 1.2 million subscribers on Snapchat. The shift from linear TV to on-demand digital platforms is a transition many production studios are trying to make. Few have done it as well as CJZ, the team behind Bondi Rescue. (AFR)

Investing is a lifelong journey

Here’s what you can learn today.

The opportunity to invest in Asia

This is an excerpt from our conversation with Dr. Mary Manning on Equity Mates Investing podcast (Apple | Spotify)

Question: What interests you about investing in Asia?

Mary: The growth story in Asia is compelling and not just about high growth figures. It’s about structural growth driven by demographics. Countries like India and Indonesia are examples where demographic changes will fuel growth. Additionally, as these are emerging economies, there are various structural factors at play, such as infrastructure development.

When I first visited these countries over 20 years ago, there was minimal infrastructure. Observing that build-out provides a strong backdrop for growth. There's also significant technological leapfrogging; for instance, while many developing countries lacked shopping malls, everyone had mobile phones, allowing rapid growth in e-commerce. Companies in Asia, whether global players like Alibaba or local startups, are leapfrogging traditional retail models.

Moreover, overall productivity gains in Asia are more pronounced than in other markets, resulting in sustainable growth. Valuations in Asia are generally lower, which reflects the emerging market risk premium. Despite challenges in the U.S. and Europe over the past few years, markets continue to hit all-time highs. If similar events occurred in emerging markets, they would likely experience severe downturns, yet this valuation discount often lacks justification, particularly for countries in North Asia.

Consequently, with the combination of rapid growth, lower multiples, and potential inefficiencies in the market, investing in Asia presents unique opportunities that I find very promising.

Interested in learning more about the opportunities to invest in Asia? Yesterday on Basis Points we released an interview with Mugunthan Siva, CIO of India Avenue. Check it out on the Basis Points YouTube channel. 

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